González-Bueno steps down as CEO of Banco Sabadell

BarcelonaAfter blocking BBVA's takeover bid, Banco Sabadell's CEO, César González-Bueno, 65, has decided to retire. He will be replaced by Marc Armengol, CEO of the group's British subsidiary, which was sold to Santander. The bank's board of directors made this decision after González-Bueno, who joined the institution in 2020, decided to step down. According to the bank, they agreed "by mutual consent" that "this is the optimal time to make the change."

The bank's president, Josep Oliu, who led the nearly year-and-a-half-long battle against BBVA's takeover bid alongside González-Bueno, highlighted the organizational changes implemented by the outgoing CEO, which "have led the team to achieve several record-breaking results." He added that Banco Sabadell had achieved the highest and most significant revaluation among Ibex companies during that period.

"The board of directors decided to bring on González-Bueno because of his proven leadership, innovation, and transformation skills," stated Oliu, who emphasized that he "has far exceeded" expectations and those of the market, "both in terms of the depth of the transformation undertaken and the pace set." Armengol will become Banco Sabadell's CEO, presumably in May, after the shareholders' meeting and receipt of the necessary authorizations from the European Central Bank (ECB). Oliu affirms that the new CEO "knows Banco Sabadell and all its strengths and areas for improvement perfectly because he has held various positions of responsibility within the group, both in Spain and abroad, over the last almost 25 years." In her first statements, Armengol, who joined the bank in 2002 and has held various positions, stated that her priorities "will focus on delivering the objectives set for 2026 and 2027." She played a key role in the sale of TSB in accordance with BBVA's VA principles during this first quarter. The bank's board also appointed Carles Ventura as managing director of business in Spain, in addition to his current responsibilities for corporate banking, network, and private banking.